Boardroom Rift at Anbesa Bank Draws Regulatory Intervention

July 10, 2026
By Mintesinot Nigussie

The National Bank of Ethiopia (NBE) has instructed Anbesa Bank to convene a fresh shareholders' meeting this month to elect a new board after declining to recognise the board election held during the lender's 21st General Assembly, according to Capital Newspaper.

The directive came after the central bank rejected an appeal by the bank's board against its decision to revoke approval of the October 2025 general assembly minutes relating to the board election. According to documents obtained by Capital, the NBE on June 19 withdrew a June 8 letter sent to the Documents Authentication and Registration Service (DARS) approving the minutes. It subsequently instructed DARS to register all other resolutions while excluding the board election.

The decision has prompted shareholders representing about 35 percent of the bank's paid-up capital to petition NBE Governor Eyob Tekalign for a meeting to seek clarification on the regulator's ruling. Board Chairman Alem Asfaw has also requested a separate meeting with the governor, Capital reported.

The NBE, however, upheld the general assembly's decision to increase the bank's capital, enabling Anbesa Bank to raise its paid-up capital above six billion birr, exceeding the five billion birr minimum capital requirement for commercial banks by the June 30, 2026 deadline.

Sources cited by Capital said some shareholders believe the central bank may have acted on incomplete information about disagreements within the board. They alleged the dispute extends beyond governance issues and involves political interests linked to Tigray.

According to the report, Anbesa Bank has about 12 billion birr in non-performing loans, with a substantial share linked to borrowers in Tigray, including companies affiliated with EFFORT. Sources said the board is divided over whether to extend new loans and foreign currency allocations to companies with large outstanding debts.

"Some board members have been pushing for additional financing and foreign currency allocations for companies with significant unpaid loans," one source told Capital. "The majority of the board has opposed those requests, arguing that such decisions would violate prudent banking practices and regulatory requirements."

The sources added that the current leadership has resisted providing fresh financing to heavily indebted borrowers to protect the bank's financial stability and comply with NBE regulations, alleging that efforts are underway to replace the existing board with directors more supportive of those lending proposals.

Source: FSX Business News